JTC Plc. (JTCPF), a provider of fund, corporate and private client services, announced the proposed acquisition of First Republic Trust Company of Delaware LLC, a wholly owned subsidiary of JPMorgan Chase Bank, for the total consideration of $21.0 million in cash.
The transaction remains subject to final regulatory approvals and satisfaction of other customary closing conditions. The acquisition is expected to be accretive to earnings per share in the first full year of ownership.
First Republic Trust Company of Delaware is a provider of trust administration services to high-net-worth individuals and is headquartered in Wilmington, Delaware. The company has approximately $9 billion of assets under administration by market value and has a dedicated team of trust professionals all with significant expertise in the trust administration market.
Post-completion of the acquisition, First Republic Trust Company of Delaware will become part of JTC's Private Client Services division.
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